Your Financial Services Guide

Transcription

1 The documents you will receive from us Financial Services Guide Your Financial Services Guide This Financial Services Guide is designed to clarify who we are and what we do, and help you decide whether to use our services. It also contains information on how you can pay for our services and how we ensure your satisfaction with our advice. Other documents you may receive In addition to this Financial Services Guide, when we provide you financial advice we will also present you with a written Statement of Advice (SOA). This will describe the strategies, products and services we recommend and outline any fees or commissions we will receive and any associations we have with financial product providers or other parties that have not already been disclosed in this Financial Services Guide. If you receive further financial advice from us, we will present you with either another Statement of Advice or keep our own written Record of Advice (ROA). You can request a copy of this by contacting us any time up to seven years from the date of the advice provided. We will also provide you with a Product Disclosure Statement (PDS) or offer document for all financial products we recommend, where applicable, to help you make informed decisions. Giving us instructions If you want to make changes to your financial plan or provide other instructions, please contact us. Generally, you will need to give us instructions in writing (eg fax, or letter) or another method agreed with us. About our Licensee Apogee Financial Planning Limited is recognised as one of Australia s leading financial advice networks, managing over $6 billion of investments. Apogee Financial Planning won CoreData s Advisory Group of the Year award in 2009, 2010 and This award recognises the quality of customers experiences when seeking financial advice. Apogee Financial Planning is a professional partner of the Financial Planning Association, the professional body representing qualified financial planners in Australia, and therefore adheres to set standards in terms of ethics, conduct and continuing professional development. Our associations and relationships We are authorised representatives of Apogee Financial Planning Limited ABN , Australian Financial Services Licence Number As a member of the National Australia Group of companies, Apogee Financial Planning Limited is responsible for the financial advice and services we provide. Apogee Financial Planning Limited support us with essential services and resources to ensure you receive sound financial advice. A number of companies within the National Australia Group including MLC Investments Ltd, Navigator Australia Ltd, NULIS Nominees (Australia ) Limited, MLC Ltd, WeatherHub Securities Ltd, Jana Investment Advisers Pty Ltd, PFS Nominees Pty Ltd, MLC Nominees Pty Ltd and National Australia Bank Ltd are financial product providers whose products we may recommend. We generally recommend products that are listed on our approved product list. In some categories these may be all NAB Group products. Before any products are added to this list a review process is undertaken and products are required to meet minimum standards. If these products are not appropriate for your circumstances then we may recommend a product outside of this list. At all times, we will ensure that our recommendations are in your best interests.

2 About us Who we are We are representatives of and offer our services on behalf of Apogee Financial Planning Limited. Our ABN number is and our Corporate Authorised Representative (CAR) number is We operate our business as a representative under Apogee Financial Planning Limited (Apogee) which is a subsidiary of the National Australia Bank. Under this arrangement our Financial Advisers operate under the Apogee Australian Financial Services Licence and they hold a Proper Authority under the Apogee Securities Dealers Licence. It is important to recognise that AFM is not an Agent of any individual company and as such we have access to all Investment Funds and Insurance Companies which are included in the recommended list and which are selected and monitored by Apogee Financial Planning Limited simply, our role is to act on behalf of our clients at all times. We are representatives of and offer our services on behalf of Apogee Financial Planning Limited. Your AFM advisers are: Haydon Skudder, Authorised Representative No Terry Rhodes, Authorised Representative No Raymond Fuchs, Authorised Representative No Brendon Harris, Authorised Representative No The Financial Services we offer are provided by AFM Advisers Pty Ltd ABN Authorised Representative No Apogee Financial Planning has authorised us to provide you with this Financial Services Guide. What we do We are authorised by Apogee Financial Planning to provide financial advice in relation to: Wealth Accumulation Income & Asset Protection Tax Strategies Superannuation Retirement & Redundancy Planning Estate Planning Debt Management and to provide advice and deal in the following financial products: Basic Deposit Products Non-basic Deposit Products Non-cash Payment Products Derivatives Government Debentures, Stocks or Bonds Life Products Investment Life Insurance Life Products Life Risk Insurance Managed Investment Schemes, including Investor Directed Portfolio Services (IDPS) Superannuation Retirement Savings Accounts Securities Standard Margin Lending Facilities Our advisers are limited to the product range of an approved panel of risk insurance providers for Life Risk Insurance Product recommendations. Our advisers are not authorized by Apogee Financial Planning Limited to provide financial product advice in the following products: General Insurance Products

3 Contact us For more information on anything you have read in this document or if there is anything else we can help you with, please contact us at: Suite 409, Level 4, Edgecliff Centre New South Head Road (PO Box 14) EDGECLIFF NSW 2027 Phone: Fax: How we manage your personal information This Privacy Notification tells you how we collect your information, what we use it for and who we share it with. It also points out some key features of our Privacy Policy. For a copy of our Privacy Policy, ask us. Collecting your personal information We need to collect your personal information for a variety of purposes, including to provide you with the financial services you have requested and to contact you about other products and services that may be relevant to you. It is also necessary for us to collect personal information in order to prevent or investigate any fraud or crime, or any suspected fraud or crime. We will collect your personal information from you directly whenever we can. Sometimes we collect your personal information from other sources or third parties such as your Accountant. We do this only if it is necessary to do so, for example where: We cannot contact you and we rely on publicly available information to update your contact details; We need information from an insurer about an insurance application you make through us; At your request, we exchange information with your legal or financial advisers or other representatives. You may not be aware that we have done so. If we collect information that can be used to identify you, we will take reasonable steps to notify you of that collection. We may collect information about you because we are required or authorized by law to collect it. There are laws that affect financial institutions, including company and tax law, which require us to collect personal information. For example, we require personal information to verify your identity under Commonwealth Anti-Money Laundering law. What happens if you do not provide your information to us? If you do not provide your information to us, we may not be able to: Provide you with the product or service you want; Manage or administer your product or service; Verify your identity or protect against fraud; or Let you know about other products or services that might better meet your financial and lifestyle needs. Protecting your privacy Protecting your privacy is essential to our business. Your file, containing your profile, personal objectives, financial circumstances and our recommendations, is kept securely. Disclosing your personal information We may provide your personal information to the following types of service providers: Other advisers, paraplanners and organisations who work with us to provide the financial services you have requested; Insurance providers, superannuation trustees and product providers related to the financial services you have requested; Organisations that help us operate our business, such as those that provide administrative, financial, accounting, insurance, research, legal strategic advice, auditing, computer or other business services. Your representatives, service providers, or other organisations, such as your accountant, solicitor, tax agent, stockbroker or bank; Organisations involved in a business restructure or a transfer of all or part of the assets of our business; Government authorities and other organisations when required by law. In order to provide you with our services, we may share your information with organisations outside Australia (for example information technology service providers). You can view a list of the countries in which those overseas organisations are located in our Privacy Policy.

4 Consent to marketing activity We presume you consent to being contacted by us about suitable products and services via the contact details you have provided. We may continue to contact you for these reasons until you withdraw your consent. You can do this at any time by contacting us. Gaining access to your personal information You can gain access to your personal information that we hold about you. This is subject to some exceptions allowed by law. We will give you reasons if we deny access. You can find out how to access your information by reading or Privacy Policy. Correcting your information You can ask us to correct information we hold about you. You can find out how to correct your information by reading our Privacy Policy or by contacting us. Complaints If you have a complaint about a privacy issue, please tell us about it. You can find out how to make a complaint and how we will deal with these complaints, by reading our Privacy Policy or by referring to the Your confidence in our advice section. Contacting us If you would like to know more about our privacy policy, please contact us. For more information about your privacy, you can visit the Federal Privacy Commissioner s website at Your confidence in our advice Your satisfaction is very important to us and we have procedures in place to resolve any concerns promptly and fairly. If you are unhappy with the advice you receive or other aspects of our service, please let your adviser know so we can act on it immediately. Our complaints procedure If your adviser has not satisfactorily resolved your complaint, please put your complaint in writing or contact our Advice Dispute Resolution Team on Please address the envelope Notice of Complaint and send it to: Advice Dispute Resolution Team Apogee Financial Planning Limited PO Box 1086 North Sydney NSW 2059 If your complaint is not resolved within 45 days or to your satisfaction, then you may refer your matter to the Financial Ombudsman Service (FOS), an independent complaints handling body. We are a member of FOS. FOS provides a free, accessible, fair and independent dispute resolution services to consumers. You can contact FOS on , at by to or in writing to: The Manager Financial Ombudsman Service GPO Box 3 Melbourne VIC 3001 Apogee FP holds professional indemnity insurance that satisfies the requirements (Section 912B) of the Corporations Act. This insurance also covers the conduct of advisers who were authorised by Apogee Financial Planning at the time of providing the advice, but are no longer representatives at the time of your complaint. How you can pay for our services You can pay for the services you receive on a fee for advice basis. This allows you to know that you are paying for our advice irrespective of any product you use, clarifies the services you are entitled to, and ensures all recommendations are driven by your needs. We will agree with you the amount you pay based upon: a flat dollar fee; an hourly rate; the amount you invest; or a combination of the above. You can pay in the following ways: as a fee for advice that will be deducted from your investment; as a one-off payment or in installments; by direct invoice from us for initial and ongoing advice; via commission we may receive from a financial product provider when you commence an insurance contract, or, loan product; or a combination of the above. If you are not already on a fee for advice package, you can move to this payment at any time.

5 Other payments we may receive We will provide you with details of all fees, commission, or other benefits we may receive when we provide advice to you and, where possible, will give actual dollar amounts. If we cannot provide this accurately, we will provide worked-dollar examples. Even if you do not receive personal financial advice from us, you can still request the details of any fees, commissions or other benefits we receive in relation to any other financial service we provide you Benefits we may receive Sometimes in the process of providing advice, our advisers may receive benefits from product providers. Conferences We may attend conferences and professional development seminars that have a genuine education or training purpose. Apogee Financial Planning Limited, or our employer, may pay for the costs of our travel and accommodation, and events and functions held in conjunction with the conferences or seminar. Non-monetary benefits We keep a register detailing any non-monetary benefits that we receive e.g. benefits valued between $100 and $300 and those that relate to genuine education or training and technology software or support. You can view an extract of the register by contacting us. Please be aware that Apogee Financial Planning Limited may charge you for the cost of providing this information to you. Referrals If you have been referred to us or we refer you to someone else, we may have arrangements in place to pay or receive a referral fee, commission or other benefit. This is generally: a fixed fee; a proportion of any initial and/or ongoing fees or commissions; or a combination of both. Details of any arrangement will be provided in our advice to you. How we charge for our services All fees and commissions are inclusive of GST and the fees could be greater than those disclosed below in complex cases. In these instances, we will inform you of the exact fee payable promptly in writing. Initial consultation Advice preparation Free of charge Completion of Needs Analysis: Free Preparation of Statement of Advice: Ranges from $300 - $5,000 (depending on the level of complexity of your situation and the advice provided). Implementation: 1% to 3% (This fee may be paid by cheque or collected from any investment product remuneration) Implementation (fee for service) If you elect to pay us a fee for service the following fees will apply. The fees will depend on the size of the investment portfolio and the complexity of the advice: Portfolios: Less than $100,000: Implementation fee of between $330 and $3,300 $100,000 - $300,000 Implementation fee of between $990 and $7,700 In excess of $300,000 Implementation fee of between $2,000 and $20,000 Fees may be paid directly by you via credit card, direct debit, cheque or collected through the product issuer. Ongoing fee for service If you elect to pay a fee for the ongoing review of your financial planning strategy, the ongoing service fee is based on the complexity of ongoing advice. The minimum fee is $330 while the maximum is 1.173% of the value of your portfolio each year. We will receive ongoing commission (as detailed above) for any life insurance products you have in addition to this fee. The ongoing service fee may be collected monthly through the product issuer or paid directly by you via credit card, direct debit or cheque. Ad hoc advice Where you do not wish to participate in an ongoing service fee arrangement but require ongoing advice on an ad hoc basis, an hourly fee of between $200 and $330 may apply.

6 Stamping Fees Insurance products Implementation & ongoing service (commission on investments) Implementation & ongoing services (commission on life insurance products) Implementation & ongoing services (commission on contracts) Where we receive stamping fees from issuer companies for raising capital or debt on behalf of that company, we will offset this payment against the cost of our advice to you. The relevant insurer will pay initial commission between 0% and 130% and ongoing commission between 0% and 33% of the annual premium for as long as you hold the product. Commissions are paid to us by the product provider and are not an additional cost to you. Unless you have agreed to a fee for service arrangement we will receive commission for our initial and ongoing services to you. The relevant product issuer will pay an initial upfront commission to us. The rate of initial upfront commission is between 0% and 5.5% and ongoing commission is between 0% and 0.88% pa of the value of your investments (including margin loans) for as long as you hold the product. Commission is collected through the product provider and is not a direct cost to you. Unless you have agreed to a fee for advice arrangement for insurance-related advice we will receive commission for our initial and ongoing services to you. The relevant insurer will pay us initial commission. The rate of commission is between 0% and 130% and ongoing commission between 0% and 33% of the annual premium for as long as you hold the product. Commission is paid to us by the product provider and is not a direct cost to you. Unless you have agreed to a fee for advice arrangement we will receive commission for our initial and ongoing services to you. The relevant provider will pay initial commission between 0% and 0.5% of the credit value of your loan for as long as you hold the product. Commission is paid to us by the product provider and is not a direct cost to you. Pre-existing arrangements For existing clients already in an established commission arrangement, we may receive commission on investment products or margin lending products held. For investment products the relevant product issuer will pay initial commission between 0% and 5.5% and ongoing commission between 0% and 0.88% of the value of your investments for as long as you hold the product. For margin loans the relevant product issuer will pay an ongoing commission between 0% and 0.88% of the outstanding loan balance. Commissions are paid to us by the product provider and are not an additional cost to you. All commission and fees are inclusive of GST. Fees could be greater than those disclosed above in complex cases. In these instances, we will inform you of the exact fee payable promptly in writing. Other benefits we may receive Business Equity Valuation (BEV) In the event of our death or permanent disablement, or if we were to leave the financial planning industry, Apogee Financial Planning Limited provides a buyer of last resort option called BEV. This helps manage the transition of ownership to ensure you continue to receive advice. The value of a sale under BEV is based on a multiple of ongoing revenue received by the business on an annual basis. The multiple can range from 2.5 to 4 depending on the proportion of the ongoing revenue that comes from clients who hold MLC group financial products. Here are some examples to help you understand the potential benefit to us of our clients holding MLC group product: If the ongoing revenue of the business was $100,000 and 50% of our clients held MLC group products, the sale value for the financial planning business would be between $250,000 and $350,000; If the ongoing revenue of the business was $100,000 and 85% of our clients held MLC group products, the sale value for the financial planning business would be up to $400,000. Importantly, BEV is subject to us meeting certain compliance requirements and standards.

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